The following information relates to Raisa's grocery store as of 31st December 2018.
Stock -1st January 2018 | 20,000 |
Purchases | 150,000 |
Sales | 230,000 |
Carriage inwards | 4,000 |
Rent received | 80,000 |
Salaries | 29,000 |
Stock -31st December 2018 |
You are required to calculate:
(a) cost of goods sold
(b) gross profit
(c) net profit
(d) percentage of gross profit
opening account ------------- 20,000 | sales ------------------230,000 |
Add purchases -------------- 150,000 | |
170,000 | |
Add carriage inwards------- 4,000 | |
cost of goods available-----174,000 | |
Less closing stock----------- 35,000 | |
cost of goods sold(wk1)---- 139,000 | |
Gross profit(wk2)------------- 91,000 | |
230,000 | 230,000 |
EXPENDITURE | Gross profit b/d--------- 91,000 |
Salaries----------------------- 29,000 | |
Net profit c/d(wk3)--------- 62,000 | |
91,000 | 91,000 |
Net profit b/d ----------- 62,000 |
Workings:
i. Cost of goods sold = 139,000
ii. Gross profit = 91,000
iii. Net profit 62,000
iv. percentage of gross profit = \(\frac{\text{gross profit}}{sales}\) x 100%
= \(\frac{91,000}{230,000} \times \frac{100}{1}\)
= 39.57%
Contributions ({{ comment_count }})
Please wait...
Modal title
Report
Block User
{{ feedback_modal_data.title }}